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Published byMadisyn Ham Modified over 8 years ago
Financial Assistance Overview Presented by Joanne Graziano Executive Director for Enrollment Services LIU Post
Sources For Financing Your Child’s Postsecondary Education Savings – Parent and student Current Income- Parent and student Future Income – Parent and student Financial Assistance
What you need to know! Application process and requirements Contact the schools for their requirements
Know the Financial Assistance Application Requirements 2015-16 Free Application for Federal Student Aid (FAFSA) 2015-16 College Scholarship Service Profile Application or Other Institutional Aid Application ( used by some colleges to award university scholarships and grants) 2015-16 New York State Tuition Assistance Program Application (TAP)
How and when do we get started? January of the senior year 1.Parent and student need to go on-line and obtain FAFSA PIN#. 2.Complete & submit FAFSA and NY State TAP application before schools’ deadline date & annually thereafter 3.If Required -Complete & submit CSS Profile or Institutional aid application
Apply for Parent and Student Pin
File the FAFSA
How is the Expected Family Contribution- EFC calculated? Income information for the parent(s) Income information for the student applicant Asset information for the parent(s) Asset information for the student applicant Household size and number in college
Parent Contribution + Student Contribution = Expected Family Contribution (EFC) Through the FAFSA, a uniform financial evaluation is performed that derives the expected family contribution available to assist the student in meeting their annual college expenses.
What happens next? Once the FAFSA is processed, the family and student receive the expected family contribution results by mail or email through a document called the Student Aid Report (SAR) Each of the schools listed on the FAFSA get these results electronically and begin to review and prepare an aid package assuming the student has been accepted.
Calculating Financial Need Annual Cost of Attendance - $35,000 Please Note: Cost of Attendance includes tuition/fees, room/board, books, transportation & allowance for personal expenses. Less FAFSA EFC- 15,000 = Financial Need 20,000
Merit Based Admissions Scholarships – FREE MONEY Awards or scholarships based on high school averages and standardized test scores Awards or scholarships based on academic merit and financial need Scholarship amounts may be partial to full
Talent Based Scholarships and Awards- FREE MONEY Awards based on artistic or musical talent and academic merit Awards based on performance and academic merit
Performance Based Scholarships and Grants Scholarships based on athletic ability Awards based on participation and performance
Need Based Grant Example Eligibility based on evaluated financial need from the FAFSA
Federal Financial Assistance Federal Forms of Assistance Federal Grants Pell Grants SEOG Grants TEACH Grants Federal Work Programs College Work Study America Reads Federal Loan Programs Perkins Loans Direct Loans for Students & Parents
Federal Grants - Free Money Federal Pell Grant Program – Current 2014-15 awards range from $602 to $5,730 annually Supplemental Education Opportunity Grants - SEOG students must be Pell Grant eligible to qualify- amounts are variable
New York State Grant Assistance - TAP The Tuition Assistance Program - TAP provides substantial grant assistance to eligible New York State residents attending colleges in New York state. Families with New York state Net Taxable Incomes of less than $80,000 are currently eligible. Awards for 2014-15 range from $500 to $5,165 per year to assist with tuition costs only.
Work Opportunities for Students Federal College Work Study Grants Federal America Reads Work Program Cooperative Education Employment Other part-time on-campus employment
FEDERAL FINANCIAL ASSISTANCE FEDERAL PERKINS LOANS Low-interest Federal loan for students with exceptional financial need. Students can borrow up to $5,000 per year at an interest rate of 5%. Interest free while the student is in school.
FEDERAL FINANCIAL ASSISTANCE WILLIAM D. FORD FEDERAL DIRECT LOAN PROGRAM Best financing option for students; available regardless of financial need. Two repayment options available: Subsidized: fixed 4.66% interest rate, interest does not accrue while in school, repayment of interest and principal due 6 months after graduation. Unsubsidized: fixed 4.66% interest rate, interest accrues while in school, repayment of interest and principal begins 6 months after graduation. Annual Loan Limits (2014-15): ▪ Freshman $5,500 ▪ Sophomore $6,500 ▪ Junior/Senior $7,500 An additional $4,000 to $5,000 in additional loan funds are available annually to independent students and dependent students if the Parent Loan is denied.
FEDERAL FINANCIAL ASSISTANCE FEDERAL DIRECT PLUS LOAN PROGRAM Available to the parent or legal guardian of a dependent student. Fixed 7.21% interest rate; in-school interest payments are required. Credit check required. Also available to graduate students.
Other Educational Financing Options Private Bank Loan Programs - always utilize all federal grant and loan programs before considering private loan options. Deferred Tuition Payment Plan Programs Section 529 Plans - Prepaid Tuition Plans - College Savings Plans
What you need to know! Elements of a financial assistance package Packages are likely to arrive between February – April if all aid applications are complete and student has been accepted.
Components of a Financial Aid Package Annual Cost of Attendance Federal and State Grants University Grants & Scholarships Federal Loans for Students & Parents University Payment Plans
WHAT WILL COLLEGE REALLY COST ME? Tuition and Fees $34,000 President’s Award 18,000 New York State TAP Award 2,000 Federal Pell Grant 1,680 Student Loans Subsidized 3,500 Unsubsidized 2,000 = Balance Due** $6,820 **Can be paid by one or more of the following sources: University Payment Plan Parent PLUS loan Military Benefits Private Educational Loan Work Study Proceeds UNDERGRADUATE COMMUTER EFC is 4,000
WHAT WILL COLLEGE REALLY COST ME? Tuition and Fees $34,000 Room and Board$12,750 President’s Award 18,000 New York State TAP Award 2,000 Federal Pell Grant 1,680 Federal SEOG 1,000 Student Loans Subsidized 3,500 Unsubsidized 2,000 Perkins Loan 4,000 = Balance Due** $14,570 **Can be paid by one or more of the following sources: University Payment Plan Parent PLUS loan Military Benefits Private Educational Loan Work Study Proceeds UNDERGRADUATE RESIDENT EFC is 4,000
Net Price Calculators The calculations are based on the basic formula of price of attendance minus grant aid. The calculator will generate an estimate based on the student's unique information and what similar students paid in the previous year. The estimate generated from the calculator will not represent a final or binding determination of the institution's cost.
Summary Start to plan now, it is not too late! Visit college campuses preferably in-person, but at least start “on-line”. Educate yourself on all of the scholarship and “free money”options. Utilize the on-line tools to help you plan. Start the application process early!
Helpful Websites www.pin.ed.gov www.fafsa.gov www.collegeboard.com (CSS Profile) www.hesc.ny.gov (TAP and NYS Academic Applicaitons) www.fastweb.com (Free Scholarship Database) www.finaid.org (Financial Aid Resource) www.irs.gov (Education Tax Credits)
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